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• Posted on 14.02.202428.07.2025

Property Market Overview and Trends (July 2025 Market Report)

Accra’s property market is dynamic and offers various opportunities for both local and international buyers. Here’s a breakdown of key aspects:

Property Market Overview and Trends

Accra’s real estate market is experiencing consistent growth, with property prices on an upward trajectory, showing 5-10% annual appreciation as of mid-2025. This growth is driven by rapid urbanization, an expanding middle class, and increasing foreign investment. Prime areas are seeing the fastest appreciation, while emerging neighborhoods offer strong investment potential with attractive rental yields.

• Price Increases: Property prices in Accra have increased by 5-8% year-on-year through 2024, with projections for a further 5-10% rise by the end of 2025.
• Rental Yields: Emerging neighborhoods offer rental yields of 8-12%, while prime areas see 8-11%.
• Average Price per Square Meter: In central Accra, the average price per square meter is approximately $1,520.
• Dollarization: Most properties in prime areas are priced in US dollars, offering some protection against local currency fluctuations.

Types of Properties Available

Accra offers a diverse range of property types to suit different budgets and preferences:

• Residential Properties:
  • Apartments: Ranging from budget-friendly options to luxurious penthouses.
  • Houses: Including detached bungalows, duplexes, semi-detached houses, townhouses, and luxury villas.
  • Gated Communities: Popular for their security and amenities.
• Commercial Properties:
  • Office Spaces: Demand is shifting towards flexible office spaces and co-working hubs.
  • Retail Spaces: Often integrated into mixed-use developments.
  • Industrial Land and Factories: Available for business operations.
• Land: Residential, commercial, industrial, and mixed-use land parcels are available for development.

Average Property Prices (as of June 2025)

Prices vary significantly based on location, property type, and amenities.

• 2-Bedroom Apartment (Prime): $150,000 – $300,000
• 3-Bedroom House (Prime): $450,000 – $600,000 (established neighborhoods typically $250,000 – $500,000)
• Luxury Villas: $1 million+
• Suburban Entry-level: $70,000 – $150,000

For a general idea from a property portal, the average price for houses for sale in Accra is around GH₵14,330,526 (approximately $1,050,000 USD as of July 2025 exchange rates), with the cheapest starting at GH₵150,000 (around $11,000 USD) and the most expensive costing GH₵91,065,852 (around $6,680,000 USD).

Popular and Emerging Neighborhoods

• Prime Areas:
  • Cantonments & Airport Residential Area: Highly sought-after for luxury apartments and townhouses, attracting expatriates, diplomats, and business executives.
  • East Legon: A long-time favorite for professionals and high-net-worth individuals, with new developments driving values up.
  • Labone & Osu: Labone offers a quieter, upscale appeal with boutique apartment developments, while Osu is a vibrant spot for mixed-use properties.
  • Roman Ridge: Known for contemporary architecture and stylish finishes.
• Emerging Neighborhoods (strong investment potential):
  • Tema Community 25: Characterized by thoughtful urban planning, excellent infrastructure, and strategic location, offering high rental demand and 8-10% annual appreciation.
  • Tse Addo: Emerging as a more affordable alternative to East Legon.
  • Adenta, Kasoa, and Tema outskirts: More economical options with steady upward trends due to infrastructural enhancements.
  • East Legon Hills and Oyarifa: Expected to see increased investor interest due to improved accessibility.

Buying Process for Foreigners

Foreigners can legally buy property in Ghana, but with specific conditions:

• Land Ownership: Foreigners cannot own land outright (freehold). They can lease land for up to 50 years, with an option to renew for another 50 years. You can, however, own the buildings on leased land. Ghanaians with dual citizenship have full land ownership rights.
• Minimum Investment: Foreigners must invest at least $50,000 to buy property.
• Key Steps:
  1. Research and Location Selection: Identify areas that align with your investment or residential goals.
  2. Engage Professionals: Crucial to work with reputable local real estate agents and, most importantly, a real estate lawyer.
  3. Due Diligence:
     • Property Inspection: If possible, visit the property in person.
     • Title Search: Confirm the property has a clean, transferable title deed. Ghana operates a deed registration system.
     • Permit Verification: Ensure all necessary building permits and approvals are in place.
     • Developer Verification: Check the developer’s track record and client reviews.
  4. Financing: Options include cash, developer installment plans, or mortgages from Ghanaian banks (though requirements are stricter and interest rates higher for foreigners, typically 15-25% annually with a 20-30% down payment).
  5. Contract Finalization: Your lawyer will draft and review the sales contract. Ensure all details (property description, price, payment schedule, responsibilities, dispute resolution) are clear.
  6. Registration: Register the land immediately with the Lands Commission to secure your legal standing.
• Costs Involved:
  • Legal Fees: 1-2% of the purchase price.
  • Stamp Duty: 0.5% of the property value (paid at registration).
  • Agency Fees: 3-5% of the purchase price (paid at completion).
  • Property Tax: 0.5-3% annually of the property’s assessed value.
  • Valuation Fees: Approximately 0.5% of the property value.
  • Registration Fees: Variable by property size.
  • Utility Transfers: Connection fees vary.
• Remote Purchase: It’s possible to purchase property remotely with proper legal arrangements and digital processes (virtual tours, online documentation, power of attorney). However, extra due diligence and professional representation are essential.